[NPI Daily Review] Price Collapse Subsides as High-Grade NPI Prices Rebound

Published: Feb 5, 2026 13:44

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[SMM Daily Review: Price Collapse Subsides as High-Grade NPI Prices Rebound] February 5 (SMM) - The average price of 10-12% high-grade NPI was 1,037.5 yuan/mtu (ex-factory, tax included), up 7.5 yuan/mtu MoM from the previous working day.

SMM February 5 News,

On February 5, the SMM average price for 10-12% high-grade NPI was 1,037.5 yuan/mtu (ex-factory, tax included), up 7.5 yuan/mtu MoM from the previous working day. The market sentiment factor for high-grade NPI was 2.10, up 0.03 MoM; the upstream sentiment factor for high-grade NPI was 2.91, up 0.12 MoM; and the downstream sentiment factor for high-grade NPI was 1.28, down 0.07 MoM. Supply side, futures retreated from previous levels, eliminating arbitrage selling and low-price collapse behavior, with upstream offers gradually returning to normal supported by costs. Demand side, downstream buyers were unlikely to make large purchases before the holiday, resulting in quiet market activity. Overall, selling sentiment subsided, and high-grade NPI prices corrected.

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